Arrayit Corporation (ARYC)

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Jason Nielsen, 53, of Scotts Valley, was charged with securities fraud in connection with an alleged scheme to defraud investors and potential investors in Arrayit, a publicly traded medical technology company.

Nielsen was a large Arrayit shareholder, and deceived Arrayit investors by communicating materially false and misleading information the existence of genuine supply and demand for Arrayit securities and the nature of his personal financial stake in Arrayit securities, all in order to fraudulently induce other investors to purchase Arrayit securities and thereby drive up the stock’s price. At the same time, Nielsen was secretly selling his own previously acquired shares at an artificially inflated price.

Another defendant in the Northern District of California pleaded guilty to the scheme in April 2022. U.S. Attorney Hinds described additional schemes being prosecuted in the Northern District of California in a video.

https://www.sanjoseinside.com/news/covid-19/justice-department-announces-nationwide-arrests-for-covid-19-fraud-including-two-locals/

Video here: